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Kevin O’Leary-backed WonderFi acquires Coinberry for $38.5 million

Betakit |

Wonderfi and bitbuy - Kevin O’Leary-backed WonderFi acquires Coinberry for $38.5 million

Less than a month after closing its acquisition of Bitbuy, WonderFi has entered into a definitive agreement to acquire Toronto’s Coinberry, which offers a crypto trading platform, for approximately $38.5 million CAD in WonderFi stock, based on the company’s current share price.

Once the deal has closed (expected in 2nd quarter), WonderFi will own two of Canada’s six registered crypto trading platforms in Bitbuy and Coinberry. The remaining four include CoinSmart, Wealthsimple, Netcoins, and Fidelity.

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As part of the deal, WonderFi will acquire Coinberry’s 220,000-plus Canadian customers, giving the combined firm a community of more than 750,000 users. WonderFi claims this will make it “one of the largest ecosystems of crypto participants” in North America, and establish WonderFi as Canada’s largest publicly-traded end-to-end consumer platform for crypto and DeFi.

“We’re in the process of creating the largest crypto user base in Canada,” said Samaroo. “What that does is it creates a really big stronghold in this developed, well-respected, regulated market, and creates a springboard for us into global markets.”

WonderFi aims to build a broader Web3 ecosystem by combining three separate segments of the crypto ecosystem: centralized finance—or the kind of crypto trading offered by Coinberry and Bitbuy—decentralized finance (DeFi), through its own DeFi product, and NFTs and gaming.

“It’s expensive to acquire customers,” University of Toronto Professor of Finance and blockchain expert Andreas Park told BetaKit. “Regulatory compliance is very expensive, too.”

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“As the industry continues to mature, there is going to be consolidation,” Coinberry founder and CEO Andrei Poliakov told BetaKit. “We knew this was going to happen and it’s happening.”

WonderFi has already inked an agreement to acquire Sun Machine, a play-to-earn gaming and NFT company, in a deal it expects to close sometime during the second quarter.

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NCFA Jan 2018 resize - Kevin O’Leary-backed WonderFi acquires Coinberry for $38.5 millionThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit:

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